Thursday, February 28, 2008

CapitaLand, Citi set up Vietnam property fund

With Vietnam's economy growing at more than 8 percent a year, real estate is booming in the underdeveloped Southeast Asian country. Industry experts forecast property growth of between 20 and 30 percent this year.

CapitaLand has developed The Vista, a high-end apartment complex in Ho Chi Minh City that sold out last summer before it was built, at prices ranging from $1,350 per sq metre to $2,700 per sq metre.

Monday, February 25, 2008

Prudential Vietnam has initiated a program to disburse loans to locals

The program run by its finance affiliate, Prudential Vietnam Finance Company, lends up to 75 percent of vietnam property value and requires no mortgages from clients who qualify for loans ranging from VND160 million (US$10,000) to VND8 billion ($500,000) with a 20-year maturity.

Friday, February 22, 2008

Central bank policy and the overheating property market

Property prices in both Ho Chi Minh City and Hanoi surged in the fourth quarter last year.

The real estate market boil was then kicked up a notch when the central bank ordered local lenders to limit their loans against securities to fewer than 3 percent and doubled the reserve requirement rate.

The move cut the stock market down to size as the benchmark VN-Index soon fell from 1,170 points on March 12, 2007 to 927 by the year’s end.

Monday, February 18, 2008

Vietnam’s real estate market

Many asked Mr. Leech if he thought 2008 will be the year of banks and real estate, he says that 2008 will certainly be the year of banks, but not property.

2008, like 2007, will witness the groundbreakings of a series of major real estate projects, including Vincom City Tower 2, BIDV Tower, Crown Plaza, the Keangnam Hanoi Landmark Tower, The Landmark, CEO Tower, Indochina Plaza, and these are just those in Hanoi.

The projects will only be completed and become operational in two or three years, and the real estate market will see big changes by that time.

Friday, February 15, 2008

Vietnam property rent prices to hit new records this year

The real estate researcher said offices, purpose-built retail, residential, industrial, hotels, resorts and golf courses would experience record rent rates in major centres like Ho Chi Minh City, Hanoi, Da Nang, Phan Thiet and Vung Tau.

Rent in A-grade office buildings will surge by US$65-70 per square meter a month from last year, excluding service charges and value-added tax.

According to CBRE, HCMC will see the greatest increases due to soaring demand from individuals and businesses.

Tuesday, February 12, 2008

Lawyers find strong business niche thanks to WTO

Lawyer Kinh related that a client once asked for advice on a real estate contract. The client asked Mr. Kinh about the fee. “$4,000,” Mr Kinh said. “I will pay you $10,000,” the client said, and Mr. Kinh received $10,000 the next day.

Mr Kinh said foreign investors never bargain about the service fee. Sometimes, when giving consultancy in simple cases, Mr. Kinh demands VND50mil, and the clients were very surprised at the low price.

Saturday, February 9, 2008

Foreign investment keeps flowing into Vietnam

The investment environment in Vietnam continued to be improved. In particular, 2007 was the second year since the Investment Law and Corporate Law have been promulgated with more transparent regulations. Though these laws still need to be perfected, they have helped revitalise investment and trading activities, encouraging localities in promoting investment, simplifying investment procedures and supporting investors to carry out their projects after being licensed.

Wednesday, February 6, 2008

Real Estate Booms in Communist Vietnam

In Hanoi, Bui Vu Thi has a new apartment in a good neighborhood with two bedrooms, one bath and a great view of the lake. She bought it three years ago, before it was even built. With some help from her parents, she paid $92,000 in cash. Today, she says, it's worth three times that.

There's a lot of cash in Vietnam today, and more coming in foreign capital remittances from Vietnamese living and working overseas.

Sunday, February 3, 2008

UAE developers keen to tap Vietnam real estate

Dubai-based property developers are moving swiftly to invest in Vietnam, eager to tap the nascent real estate market there. The latest to join the bandwagon is ETA Star, the real estate arm of the ETA Star-Ascon Group, which plans to launch a mixed-use project in Ho Chi Minh City of Vietnam.

Vietnam Real Estate News

Chao Vietnam Properties